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DETERMINATION PURSUANT TO SECTIONS 1(a)(ii), 1(b), AND 5 OF EXECUTIVE ORDER 14071
Price Cap on Crude Oil of Russian Federation Origin
Pursuant to sections 1(a)(ii), 1(b), and 5 of Executive Order (E.O.) 14071 of April 6, 2022 ("Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression"), and the determination on November 21, 2022 made pursuant to sections 1(a)(ii), l(b), and 5 of E.O. 14071 ("Prohibitions on Certain Services as They Relate to the Maritime Transport of Crude Oil of Russian Federation Origin"), the Secretary of the Treasury, in consultation with the Secretary of State, hereby determines that, effective 12:01 a.m. eastern standard time on December 5, 2022, the price cap on crude oil of Russian Federation origin shall be $60 per barrel.
Janet L. Yellen
Secretary ·
U.S. Department of the Treasury
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1) Refer to Consolidated Comment on the Prohibitions on Certain Services as They Relate to the Maritime Transport of Crude Oil of Russian Federation Origin (the Price Cap). This is the first "determination" pursuant to the 11-22-22 Price Cap-related Determination Pursuant to sections 1(a)(ii), 1(b), and 5 of Executive Order (E.O.) 14071. Compare the petroleum products price cap at ($45/$100 Price Cap) Determination Pursuant to Section 1(a)(ii), 1(b), and 5 of Executive Order 14071 (Effective February 5, 2023) .
2) Determination issued concurrently with FACT SHEET: Limiting Kremlin Revenues and Stabilizing Global Energy Supply with a Price Cap on Russian Oil.